Bernanke warns of new financial risks

“Our financial system is constantly evolving, and that unanticipated risks to stability will certainly develop over time,” he said on Monday.

During an address at the Evergreen Marriott Conference Resort, he also said that the Federal Reserve is working to address the regulatory failures that were exposed by the 2008 financial crisis.

“Our economy is still far from fully recovered,” Bernanke argued.

“The heavy human and economic costs of the crisis underscore the importance of taking all necessary steps to avoid a repeat of the events of the past few years,” he added.

The 2008 crisis underscored the need for regulators to do a better job in policing the financial system, he noted.

Bernanke concluded by insisting that Washington must continue “to develop an effective set of… policy indicators and tools, while pursuing essential reforms to the financial system.”

AGB/JR

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